July 2, 2017 / 6:21 AM / a year ago

TPG Capital withdraws bid to take over Australia's Fairfax Media

SYDNEY (Reuters) - TPG Capital Management LP [TPG.UL] has abandoned its A$2.76 billion ($2.12 billion) bid to take over Australia’s oldest newspaper publisher, Fairfax Media Ltd (FXJ.AX), a TPG spokesman said on Sunday.

FILE PHOTO: The Fairfax Media headquarters are pictured in Sydney, Australia, May 3, 2017. REUTERS/Jason Reed/File Photo

“TPG has today exited the Fairfax due diligence process and has elected not to proceed with an offer,” a spokesman said in a statement.

“TPG thanks the Board and senior management team of Fairfax for the integrity and focus they have brought to the discussions.”

A spokesperson for Fairfax was not immediately available for comment.

Fairfax had been the subject of a bidding war between TPG Capital and private equity peer Hellman & Friedman.

Reporting by Harry Pearl; Editing by Christopher Cushing

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